Takeovers – Case Studies on Recent Bid Strategies & Their Rules

£165.00 +VAT


Takeovers Webinar Overview:

This year has seen considerable takeover activity in the UK. High profile bids have provided valuable insights into deal tactics and the practical application of the Takeover Code.

This 1.5 hour course is suitable for corporate lawyers and corporate finance practitioners requiring an in-depth understanding of current bid strategies and the rules within which they must operate. The year’s most notable takeovers will be analysed as case studies to illustrate how the Takeover Code works in practice. Wider issues, such as market abuse, will then be considered with reference to other well-known takeovers.

The Takeovers Webinar will include the following:   

GKN/Melrose hostile takeover

  • How the Takeover Code rules on acceptances, post-offer undertakings and reverse takeovers came into play in the biggest hostile takeover of a UK listed company for a decade. We will look at the commitments given by the bidder beyond those required under the Takeover Code and its agreement to fund the target’s pension scheme. We will also explore the consequences of the target’s CEO making statements about the level of shareholder support for its management.

Rangers International Football Club plc mandatory bid

  • The first case to consider whether the courts have discretion to grant an order sought by the Takeover Panel to enforce one of its rulings and if a mandatory bid which would serve no practical purpose can be avoided.

Klépierre/Hammerson aborted possible bid; Hammerson/Intu aborted recommended bid

  • A novel situation where the bidder was also a possible target. Our focus will be on how the deals unravelled and the process prescribed under the Takeover Code for walking away.

Sainsbury’s/Asda combination

  • The course will consider how Takeover Code considerations are being addressed in the deal to create the UK’s biggest supermarket chain.

The webinar will conclude with a look at wider issues affecting takeovers currently in the news. In particular, we will consider the impact of the Market Abuse Regulation on the conduct of bids and consider instances where share price movements have raised questions over control of inside information.


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15 June 2018